Help! Only approved 70% LTV on Cash Out Refi
New investor here looking for advice from those who might have been in this position before or those who are smarter and wiser in this situation. I am currently attempting a cash out refi on an investment property of mine to not only reduce the interest rate but mainly pull some cash out to use as a down payment on my next investment purchase. I was originally told I can borrow at 75% loan to value by my lender, but after he submitted everything to Fannie/Freddie underwriting it came back I was only approved up to 70% LTV. This is throwing my plans off because I do not have that much equity in the property to pull much out at 70%. I was considering going to another lender to attempt to secure the 75% however my question that I am wondering is if this second lender or any other lender will be restricted to the same Fannie/Freddie guidelines? Will this only delay things and hurt my in the long run having my credit pulled and put through the process only to be told the same 70%? Has anyone been in this situation before?
As of right now I am at least lowering my interest rate by almost 1% so there is still value in me proceeding. However, my ultimate goal is to pull money out so I am not sure at this point on what my best bet would be.
Any and all advice would be very much welcomed!
Thank you all in advance!